Novaland's The Sun Avenue project in Thu Duc City - Photo: NGOC HIEN

The problems from Novaland's projects in Ho Chi Minh City are all related to determining land financial obligations, and the projects are currently in the process of determining the amount of money that must be paid before issuing pink books to people.

Novaland's series of projects are waiting for land payment to be completed

On March 18, 2025, the Government Inspectorate issued Conclusion No. 82 on state management of planning and implementation of construction planning of the Ho Chi Minh City People's Committee (2015-2022 period), including Novaland's project. This conclusion helps agencies in Ho Chi Minh City have more legal basis to speed up land valuation work in many projects that are still stuck in the city, including Novaland's Richstar project (Tan Phu district).

Accordingly, after the Ho Chi Minh City People's Committee approved the land price for the project, the estimated value that must still be paid for land use of the Richstar project is about 446 billion VND.

Novaland said that the company has contacted the Ho Chi Minh City Department of Agriculture and Environment to request an appraisal of land use fees for the land plots used for the project, so that the company can soon fulfill its financial obligations and carry out procedures to issue certificates to residents.

Regarding the project at 108-112B-114 Hong Ha Street in Tan Binh District (Botanica Premier project) implemented by Sasco in joint venture with Novaland, Novaland also said it is accelerating procedures.

Novaland said the company is urging Ho Chi Minh City authorities to quickly review the project's legal status and speed up land valuation procedures so that the company can pay land use fees for the project.

It is expected that in the second quarter of 2025, the Victoria Village project (Thu Duc City) will have an official decision on additional land use fees.

Novaland said it has prepared cash flow.

Novaland's 30.2ha Binh Khanh ward project (The Water Bay project) today - Photo: NGOC HIEN

Regarding the 30.1ha Nam Rach Chiec project in Thu Duc City (Lakeview City project), according to Resolution No. 170 of the National Assembly and Decree No. 76 of the Government, Novaland said that the Lakeview City project has officially resolved the problems regarding land use fees.

Accordingly, the total land rent and land use fee payable for the Lakeview City project is nearly VND 5,176 billion based on the tax authority's announcement on January 8, 2021, which will be re-determined. This is also the basis for Novaland to proceed with issuing certificates to residents.

In particular, the provision of VND 4,369 billion for the Lakeview City project for Novaland's 2024 audited financial statements (according to the auditor's own opinion) will also be adjusted and reversed when eligible in 2025.

According to Novaland, another Novaland project that has also had its problems resolved is the 30.2ha Binh Khanh Ward project (The Water Bay project). Accordingly, the time to determine the land price for the swapped area of ​​this project is when the land acquisition and compensation are completed on November 20, 2008.

Novaland representative said that problems related to land use fees at Novaland projects in Ho Chi Minh City will soon be resolved.

"Currently, Novaland has prepared cash flow to fulfill financial obligations when requested by state agencies," he said.

In 2025, Novaland aims to issue nearly 7,000 pink books at projects such as Sunrise Riverside (Nha Be district), The Sun Avenue (Thu Duc city), Kingston Residences (Phu Nhuan district), Orchard Garden (Phu Nhuan district), Lucky Palace (district 6), Sunrise City North (district 7)...

NGOC HIEN

Source: https://tuoitre.vn/loat-du-an-bat-dong-san-o-tp-hcm-cua-novaland-duoc-go-vuong-den-dau-20250417182323449.htm